NGC Newsletter: October 2006

NGC Restructures VarietyPlus Service

NGC has made an important change to their VarietyPlus service by
introducing a new attribution system for die varieties.

Read this article...

NGC Grading On-Site at The Las Vegas Coin, Stamp &
Collectibles Show in October and at the Suburban
Washington/Baltimore Show in November

NGC will be grading and encapsulating on-site at the two biggest
shows of the season.

Read this article...

One of These Coins is not Like the Other: How a Minor
Detail Can Make a Big Difference

When it comes to the 1981-S Proof, a single mint mark can alter a
coin's monetary value by thousands, as Jay Turner illustrates.

Read this article...

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THE CENTS OF 1909, Part Two

David W. Lange continues his retrospective of 1909's most noteworthy
cents.

Read this article...

Rare Coins Determined by Demand

By NumisMedia

What can veteran numismatists do in this topsy-turvy market where a
graded coin still in its packaging sells for less than its original cost?
Why is this such a good time for new collectors? Numismedia has the
answers.

Read this article...

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NGC Restructures VarietyPlus
Service

Posted on 10/1/2006

NGC has made an important change to their VarietyPlus service by introducing a
new attribution system for die varieties.

One of the valuable services offered by NGC is the attribution of coin varieties. By
varieties, we mean coins which differ from their basic design type in some
distinctive way and are thus differentiated by collectors. Advanced collectors have
already begun to notice subtle changes in VarietyPlus, NGC's coin variety
attribution program. Starting in October 2006, NGC will introduce a new attribution
system for die varieties.

NGC will immediately begin attributing coins by VarietyPlus number, noted with a
VP on the NGC certification label. This new attribution system is the culmination
of two years of work by NGC researchers and attributors. By relying on the
considerable experience of the NGC attribution team, a streamlined and improved
catalog of varieties has been created, encompassing the most widely collected
and desirable die varieties.

By the end of November 2006, a comprehensive guide to VarietyPlus will be
made available for free on NGC's Web site, with a print edition to follow in 2007.
Since a procedure has been designed to recognize varieties which were
previously not attributed by NGC, the online edition will be updated and expanded
regularly. This revision to VarietyPlus will allow the catalog to immediately grow
and respond to important new discoveries.

NGC's Director of Research, David W. Lange, has led the company's variety
attribution program and is enthusiastic about this new direction: "NGC's
VarietyPlus service was first launched ten years ago, and it has now matured to
the point where we are able to understand more fully which varieties are

significant to the hobby in the long run. The creation of a VarietyPlus numbering
system is the synthesis of everything we've learned through both firsthand
experience and talking to our customers about varieties."

VP numbers will not be used in place of many of the varieties currently recognized
and much of the VarietyPlus program will, in fact, remain the same. NGC will
continue to attribute the following varieties:

• Half cents by Cohen numbers

• Large cents by Sheldon (1793-1814) and Newcomb (1816-57) numbers

• Half dimes (1794-1837) by Logan-McCloskey numbers

• Dimes (1796-1837) by John Reich numbers

• Quarter dollars (1796-1838) by Browning numbers

• Half dollars (1794-1836) by Overton numbers

• Silver dollars (1794-1804) by Bowers-Borckardt and Bolender numbers

• Silver dollars (1878-1935) by VAM numbers (8TF, 7/8TF, TOP-100, HOT-50,
TOP-50, and a handful of other select varieties only)

• Redbook varieties

Under the new guidelines of VarietyPlus, NGC will no longer attribute die varieties
by FS number, as assigned in The Cherrypickers' Guide. Additionally, VP
numbers will be assigned to many coins not previously recognized by NGC.

To receive a variety attribution with uncertified coins being submitted for grading,
simply choose VarietyPlus on your submission form, fill in the Variety column for
that line with the type of variety you're seeking (Overton, VAM, VP, etc.) or, if
known, the exact variety number. Either way, NGC will examine your coin and
enter the correct variety attribution on its grading label. A $7 fee is charged for this
service in addition to the regular fee for the grading tier you've selected.

In the case of coins already graded and encapsulated by NGC, you may have the
correct variety attribution added by submitting the encapsulated coin under our
Designation Review service. The fee for Designation Review is $10.

Future announcements are forthcoming, and we invite collectors to send
questions or comments directly to VarietyPlus@ngccoin.com

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NGC Grading On-Site at The
Las Vegas Coin, Stamp &
Collectibles Show in October
and at the Suburban
Washington/Baltimore Show in
November

Posted on 10/1/2006

NGC will be grading and encapsulating on-site at the two biggest shows of the
season.

NGC will offer on-site grading and encapsulating at he Las Vegas Coin, Stamp &
Collectibles Show, Oct 25-27. NGC will be at tables 717, 718, and 817.

NGC will also offer on-site grading and encapsulating at the Suburban
Washington/Baltimore Show, Nov 9-10. NGC will be at tables 1304-1307.

In addition to the $100 and $65 on-site show services normally offered, NGC will
also run a $50 on-site Gold Special. Please read below for complete details:

$100 On-Site Special:

$100 per coin for all coins over $1500 in value

$65 On-Site Special:

$65 per coin for all coins valued at $1500 or less

$50 On-Site Gold Special:

$50 per coin for all gold coins valued at $1500 or less; 5 coin minimum
Guaranteed delivery (within four hours of submission at shows) may be

purchased for $150 per coin under NGC's Expedite Service.

Please check with NGC show representatives for daily cut-off times.

Special Note: Due to the special handling required, submissions of 20th
Anniversary Eagles will not be accepted at trade shows for on-site grading or
courier service back to the NGC offices. These submissions must be sent by the
submitter to the NGC offices in Sarasota, FL. Please click here for more
information regarding the submission of 20th Anniversary Eagles.

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One of These Coins is not Like
the Other: How a Minor Detail
Can Make a Big Difference

Posted on 10/1/2006

When it comes to the 1981-S Proof, a single mint mark can altera coin's
monetary value by thousands, as Jay Turner illustrates.

The Coin of the Month

I m \ MODERN COIN

- - !

Throughout numismatics, a minor difference can be a
big deal. The 1981-S Proof coinage is no exception.
small variation in mint mark style makes a big
difference in rarity and price.

To understand why the 1981 types are considered
important, you have to consider what was happening around the time of the
discovery. In the late 1970s and early 1980s, the coin market was booming.
Metals were at an all-time high, monetary inflation was on the rise, and rare coin
prices soared. The market had never seen such activity before. As an example, a
1934-S Uncirculated silver dollar would bring $1,300 in 1978 when in 1973, it
would have brought in $600. That is more than double the price in five years.

Since market conditions were so good at the time, coin dealing grew as a
profession. In the late 1970s, the number swelled to as high as 15,000 coin
dealers. All of these people needed coins to sell. Like today, modern has always
been a favored market since it is plentiful, cheap, and easily replaced. Coins with
lower mintages such as the 1973-S Silver Eisenhower dollar were marketed as
keys, heavily promoted, and reached prices as high as $200. When small
differences or varieties appeared in newly released proof sets — as they did in
1979 and 1981 — it is no wonder that the promotion of these pieces quickly

occurred.

In 1979, a number of changes occurred in numismatics. First, the Eisenhower
dollar was replaced by the Susan B. Anthony dollar. These coins became widely
collected like all new coin series. To make the series more interesting, the 1979
proof set came with two very different mint mark styles — one with a "filled S,"
better known as Type 1, and the other with a "clear S," better known as Type 2.
The Type 2 mint mark style was released later in the year starting with the lower
denominated coins first. It is most scarce on the half dollar and the Susan B.
Anthony dollar. Being introduced at the height of the market, these small
differences became instant "keys" and commanded high premiums over the other
coins.

In 1981, the market was still considerably hot. The
Susan B. Anthony dollar had failed to be accepted
by the American people, but with the
announcement that no coins would be released for
general circulation, the series gained popularity
with collectors and the sales of mint and proof sets
increased. A variation in the 1981 mint mark style
was discovered. Though not as dramatic a
difference as the 1979, it was noticeably different.

While the variety is common on dimes, nickels and
quarters, the half dollar is scarce, and the cent and
dollar considered rare. Unlike the 1979 sets, to find
a complete 1981 Type 2 set now is extraordinarily
difficult. Most of the sets have been pieced together by dealers.

The differences in the 1981 types are often what dealers and collectors have
trouble identifying. The difference lies in the style of the mint mark punch. The
Type 1 is the same punch used to make the Type 2 1979 coinage. The Type 1 has
a pointed top when compared to a flat top of the 1981. The Type 2 has bulbous
serifs in comparison to the Type 1 and the serifs do not touch the inside of the S.

It is these small differences that give the coin so much more value, $325 for the
set versus $11.

Surprisingly, after the market crashed in the early 1980s, the coins prices
remained high and maintained value. When the number of coin dealers decreased
to around 5,000, modern coins were one of the coin series that got hurt most.
However, unlike the 1973 S Silver Eisenhower dollar, which went from $200 to
around $15, the sets prices remained constant. More than likely, it is the short

Susan B. Anthony series that kept the pieces marketable and in demand. Some
help would also come from certification and condition scarcity. With certification,
collectors no longer had to worry about buying a Type 1 being marketed as a Type
2, but could also get coins graded correctly and preserved for the future, thus
driving the prices for the highest graded certified pieces. NGC now automatically
designates all 1981 Proof coins submitted for certification as either Type 1 or Type
2; VarietyPlus service is not required.

To date, NGC has certified 279 1981 S Type 2 Cents with only 58 in 69 Ultra
Cameo. These coins can bring more then $500 in this grade. Often spots,
hairlines, and hits prevent these coins from grading 69. Because of this, the cent
is often the hardest coin in the Type 2 set and hinders people from getting a
match grade set. The dollar, while often the most desired in the set, has a current
population of 694 being certified by NGC. Of these, 430 are grade 69 Ultra
Cameo and 5 are in 70 Ultra Cameo. In 69, the coins can bring over $250 and 70
can bring over $2,000. This is in comparison to a Type 1, which can bring a few
hundred dollars in 70.

It is a small difference between the two mint mark punches that make up the
varieties but because of market trends, a short series, and promotion, these coins
bring considerable differences in price. It is because they have been published
and marketed that people consider them a key part of their collection and pay the
price to add them to their collection.

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THE CENTS OF 1909, Part Two

Posted on 10/1/2006

David W. Lange continues his retrospective of 1909's most noteworthy cents.

President Theodore Roosevelt was the
embodiment of the "Progressive" movement of the
early 20th century. Progressives sought social
change to bring about an uplifting of the American
people both economically and culturally. One way
in which Roosevelt hoped to further this
movement was by applying the very highest
standards of metallic sculpture to the nation's
coinage. After securing superb new designs for
the four gold denominations in 1907-08, his
attention was directed toward the cent. Though it
had sentimental appeal for many Americans,

James B. Longacre's Indian Head Liberty cent of
1859 now looked rather quaint, and Roosevelt
sought something bolder and more realistic.

Having sat with sculptor Victor D. Brenner while Brenner prepared his portrait for
the Panama Canal Service medal in 1908, Roosevelt then commissioned the
artist to create a new one-cent piece for the centennial of Abraham Lincoln's birth,
which was to be celebrated the following year. The president admired the bas-
relief of Lincoln that Brenner had created in 1907 for a bronze plaque based on a
recently discovered 1864 photo of Lincoln by Anthony Berger. This plaque was
widely reproduced over a period of years, and it is sufficiently common that many
collectors of Lincoln cents have acquired an example.

As with any new coin design, there were a number of intermediate stages before
final models were approved. The earliest Lincoln cent patterns lacked the motto
IN GOD WE TRUST, which was added more to balance the design than for any of
the reasons one might expect. These patterns also carried the artist's surname in
full, though this was pared down to his initials, V.D.B., before any coins were
minted for circulation.

Mass production of the Lincoln cent began at the Philadelphia Mint on June 10,
1909. Coining continued for just a couple of weeks before the mint had to shut
down for its annual settlement, an encumbrance occasioned by the end of its

fiscal year on June 30. Production resumed early in July, at which time San
Francisco began striking the new cents. Though authorized to coin cents, too, the
Denver Mint did not exercise this option until 1911. The New Orleans Mint was
likewise permitted to strike minor coins under a law passed in 1906, but it had
already exhausted its appropriation for the fiscal year ending June 30, 1909. No
further funds were forthcoming for the new fiscal year, and all coining at that
facility thus stopped. There would never be an 'O' Mint cent.

As planned, the Lincoln Cent was first issued on August 2. Newspaper reports
announcing the new coin had led already to a widespread frenzy, as seemingly
everybody had to have one. The supply on hand was quickly exhausted, and
those who had a few to spare were able to profit from their good fortune.

Examples reportedly brought as much as 25 cents apiece during the first week of
issue, though more modest premiums were the norm.

A furor arose over the inclusion of the sculptor's initials on the reverse of the cent,
though a similar feature could then be found on the quarter eagle and half eagle.

In fact, all of the coins then in production carried some identification of the artist,
save for the nickel and the eagle. After just a few days of circulation, the decision
was made to remove Brenner's initials. These were evidently lapped off of the
reverse dies on hand, which were used while new ones were prepared that lacked
the letters.

The Philadelphia Mint cents of both varieties were struck in fairly large numbers
and widely hoarded, particularly those carrying the letters V.D.B. The 1909-S
Lincoln cents were struck in much smaller quantities, the total production of 'S'
Mint cents with the letters being just 484,000 pieces. Had they not been subject to
similar hoarding these coins would be very rare today. As it is, 1909-S V.D.B.
cents, while they were always rare in circulation, are fairly available across a wide
range of Mint State grades.

The Philadelphia Mint cents of both issues are easily found in fully red condition,
the first emission clearly being more common. Most examples are sharply struck,
though the designer's initials, being a peripheral feature very close to the border,
are subject to some weakness. A couple of collectable doubled-die obverse
varieties are known for the 1909 V.D.B. cents, while a less interesting doubled-die
reverse is known for the second issue.

1909-S cents of both issues may be found with mint red color, usually a bit
mellowed, but these coins are often seen with the streaky, woodgrain toning
described last month with respect to 1909-S Indian cents. This may be a helpful
authentication tool for these scarce coins, which are often faked by adding a mint
mark to the less expensive 1909 Philadelphia cents. Peripheral striking weakness
is again common with 1909-S cents of both issues, the designer's initials
sometimes appearing incomplete.

The 1909-S cents without initials are known with two interesting and very
collectable varieties. One has the mint mark repunched, the first impression being
to the right of the second. Far more commonly seen is the popular S over
horizontal S variety. This variety actually comprises a large percentage of the
surviving Mint State population.

David W. Lange's column, "USA Coin Album", appears monthly in Numismatist,
the official publication of the American Numismatic Association

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Rare Coins Determined by
Demand

Posted by NumisMedia on 10/1/2006

What can veteran numismatists do in this topsy-turvy market where a graded coin
still in its packaging sells for less than its original cost? Why is this such a good
time for new collectors? Numismedia has the answers.

As we enter the last quarter of 2006, many numismatists are asking, "What in the
world has happened to the coin business?" This has to be one of the strangest
markets we have ever encountered. As seasoned veterans with 50 years or more
of numismatic involvement, many dealers are questioning, "What are rare coins?"
We always thought rare coins were either low mintage issues, or coins that may
have had higher mintages but then were melted or lost to attrition, or simply key
dates within a specific series that gained recognition and were hoarded. Of
course, the highest grades with low populations make natural rarities even rarer.

Now we are finding out that modern issue coinage without these attributes can be
rare and very expensive. Oh sure, some of the modern issue coins have a low
mintage of say, 1,000,000. That makes it rare compared to the rest of the series.
But remember, all of these coins are new. Attrition now means they did not make
the "70" grade. Some of the lower graded coins wind up selling for less than what
you would expect a raw circulated coin of the exact same date and denomination.
When you consider the time it takes to send in a coin for grading and the
expense, some of these modern coins that do not make the intended grade
should have been thrown in the street instead of sent for certification. But that is
the ultimate answer to the unasked question. How can a graded coin sell for less
than its original cost in the government packaging? Once these coins are certified
and do not make the required grade, the owner just wants to recoup some of the
expense; so these coins get sold at discounts.

Over the last few months, we have seen a shift in demand from what we call

traditional rare coins to modern bullion-related coins. We have seen the FMV fall
for MS65 Morgan Dollars from $220 in August to a current FMV of $190. Not that
these are especially rare, but they did seem like that as they raced across the
$200 level from about $140 earlier in the year. Demand had dried up the large
quantities and there were few large hoards around. Now, many numismatists are
taking the attitude that they want to make a quick buck by having modern issues
certified and collecting the profits before the large masses of coins are available at
lower levels. With gold bullion drifting downward, these coins have headed down
as well. This is bound to happen in the short term if they do not make the 70
grade.

In fact, even the 70s are worth less as the populations increase. Many of the
PR70 $50 Gold Buffalo coins that sold for $5,000 or more are now retailing at
under $3,000. The strongest buyers of these high-grade rarities have already
purchased the coins they want, so the secondary market for these coins is at a
lower cost. Eventually, if the populations are high enough, all the coins simply
become bullion-related and will follow the ups and downs of the metals. On a
positive note, there are still many analysts that feel the metals will turn around and
head back to much higher levels in the future.

What has transpired recently is that much of the money that had been spent on
traditional rarities has been channeled into the modern bullion coins. This has not
necessarily hurt the market for expensive rare coins because as we all know, the
prices realized in most major auctions exhibits many millions of dollars and the
true rarities are still bringing premiums of our listed FMV. That tells us that
knowledgeable numismatists continue to search for these rarities and have the
ability to put them away for the future. In the meantime, the market for average
coins or common coins has softened considerably. If you go to a coin show and
see quantities of the same coin in every showcase, you can be sure that some of
the dealers are willing to discount certain coins in order to create sales. This is the
market that has been hurt during the rush for modern bullion coins.

As a numismatist, what do you do in today's market? It really depends on where
you are in your collecting stage. If you are advanced and are looking for those
difficult coins, you are going to have to search and pay the premiums if you are
serious about staying ahead of others desiring the same rarities. If you are just
starting out, then this is a good time for you because you can find bargains out
there. When the market is soft for common coins, it is much easier to be selective
and price-conscious. If you are looking for bullion-related coins, it is a good time to
watch for those peaks and valleys and jump in when the market appears to be
down. As we mentioned last month, the premiums for U.S. gold coins are at

minimal levels. If you feel that gold will eventually rise in dramatic fashion, then it
might be a very good opportunity to buy while there are lots of coins for sale at
reasonable levels.

Despite the fact that we are finding a lot of discounted prices across the coin
market, we see much to be positive about these days. When you can go out and
purchase coins at $25, $50, even $100 cheaper than you could a few months ago,
it offers lots of dramatic opportunities for collectors interested in acquiring coins. It
allows the collector to acquire more coins than previously for a fixed amount of
money. Adding more coins to your collections is what numismatics is all about. We
have not seen anything to indicate that the coin market is less popular in the last
few months. In fact, we have seen more coins trading on a wholesale basis than
in previous months. If dealers were not selling coins in large quantities, they would
not be buying as much as they are doing. On the dealer trading networks, we
constantly observe offers to buy and sell massive amounts of coins along with
bullion. Much of it does not last long as buyers and sellers get together. Again, if
coins were not selling to the public, dealers would not be able to buy as much as
they are.

Most dealers made a lot of money as the metals made the long run from where
they were in December of last year to the highs for this year. Where they are now
does not matter to the coin business. What does matter is how much of the
available supply of surplus income goes into modern issue coins versus traditional
coinage. In the long run, all U.S. coins will become traditional and collectable as
such. It is just a matter of time.

So what are rare coins? The truth is they are what demand dictates.

This article is a guest article written by:

misMedia

MEMBER BENEFITS • NEWS
• PRICE GUIDES • AUCTIONS
The Dealer Trading Network WWW.nUmiSmedia.COm

The thoughts and opinions in the piece are those of their author and are not
necessarily the thoughts of the Certified Collectibles Group.

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